Given that we were due for a pull back in the metals, I see this morning's action in ECU to be very positive. Good bids just under yesterday’s close on strong volume suggests smart money accumulation.
Unlike a month ago when ECU would finish down or unch on strong metal up moves, today we see just the opposite. ECU strength on a down day for physical is about as bullish as it can get. Word is spreading among the few about ECU.
Mainstream doesn't know yet how to spell pm let alone even know what a pm jr is. Soon mainstream newsletters. pundits, hacks, and advisors will see that the commodities are THE go to sector and pms are the go to commodity.
ECU is a bargain anywhere under $2. Yet it won’t be until ECU reaches $2+ that the word really gets out to mainstream. Those of us who have established our positions are feeling more comfortable and we deserve it!